Walmart Inc is cutting hundreds of positions at the company as part of a restructuring effort, The Wall Street Journal reported Wednesday, citing people familiar with the matter.
About 200 jobs are being cut, the WSJ said, adding that the retailer has notified employees at its Bentonville, Arkansas, headquarters and other headquarters of its restructuring.
Several companies, including Tesla Inc, Netflix Inc and Coinbase Global Inc, have also cut jobs and slowed hiring as global economic growth slows due to rising interest rates, inflation and a energy crisis in Europe.
“We are updating our structure and evolving certain roles to provide clarity and better position the business for a strong future,” Walmart spokeswoman Anne Hatfield told Reuters in an emailed statement.
The company also invests and creates jobs in the e-commerce, technology, health and wellness sectors, she said.
The U.S. retailer slashed its profit forecast last week due to soaring food and fuel prices, citing it needed price cuts to reduce inventory.
With soaring gas and food prices, consumers are no longer clamoring for clothing, housewares, appliances and kitchenware, overwhelming retailers with mountains of inventory.
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